Camber Energy and Viking Energy Group Propose Merger
Houston-based E&P independents Viking Energy Group Inc. and Camber Energy Inc. have entered into a non-binding Letter of Intent (LoI) regarding a proposed merger. Under the terms of the LoI, Camber will issue new shares of common stock to the equity holders of Viking, who will have an 85% interest in the post-closing entity. The proposed transaction constitutes a reverse triangular merger in which a newly formed wholly-owned subsidiary of Camber shall merge with and into Viking. Camber is engaged in the development of crude oil, natural gas and natural gas liquids in Texas and Oklahoma. Viking is currently focused on operations the Gulf Coast and Mid-Continent region, with a portfolio of oil and gas leases in Texas, Louisiana, Mississippi and Kansas. The parties intend to negotiate and sign a definitive agreement on or before February 17th. Advisory Group Services (RHK Capital) is advising Viking on the transaction.